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GODREJ
Introduction
Godrej Industries is India's leading manufacturer of oleochemicals and makes more than a hundred chemicals
for use in over two dozen industries. It also manufactures edible oils, vanaspati and bakery fats. Besides, it
operates real estate. GIL is a member of the Godrej Group, which was established in 1897 and has since
grown into a US$1.875 billion conglomerate. The company was called Godrej Soaps until March 31, 2001.
Thereafter, the consumer products division got de-merged into Godrej Consumer Products, and the residual
Godrej Soaps became Godrej Industries. This led to the formation of two separate corporate entities: Godrej
Consumer Products and Godrej Industries.
Besides its three businesses, Godrej Industries also runs four divisions Corporate Finance, Corporate HR,
Corporate Audit and Assurance and Research and Development which operate on behalf of the entire
Godrej Group.
GIL has built a strong manufacturing base capable of delivering international quality products at competitive
prices. It operates two plants, one at Valia in the Indian state of Gujarat and a second at Vikhroli in suburban
Mumbai. The company's products are exported to 40 countries in North and South America, Asia, Europe,
Australia and Africa, and it leads the Indian market in the production of fatty acids, fatty alcohols and AOS.
History
Established in 1897, the Godrej group has grown in India from the days of the charkha to nights at the call
centers. Our founder, Ardeshir Godrej, lawyer-turned-locksmith, was a persistent inventor and a strong
visionary who could see the spark in the future. His inventions, manufactured by his brother Pirojsha Godrej,
were the foundation of todays Godrej empire. One of Indias most trusted brand, Godrej enjoys the patronage
and trust of around 500 million Indians every single day. Our customers mean the world to us. We are happy
only when we see a delighted customer smile.

With 7 major companies with interests in real estate, FMCG, industrial engineering, appliances, furniture,
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security and agri care to name a few our turnover crosses 4.1 billion dollars*. You think of Godrej as such
an integral part of India like the bhangara or the kurta that you may be surprised to know that 26% of our
business is done overseas. Our presence in more than 60 countries ensures that our customers are at home with
Godrej no matter where they go. With brands you can believe in, service excellence you can count on and the
promise of brighter living for every customer, Godrej knows what makes India tick today.

Today, we are at a point in Godrejs history when our amazing past is meeting up with its spectacular future
head on. Godrej is learning and relishing being young again.
















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Balance Sheet of Godrej Industries ------------------- in Rs. Cr. -------------------

Mar '13 Mar '12 Mar '11 Mar '10 Mar '09


12 mths 12 mths 12 mths 12 mths 12 mths


Sources Of Funds

Total Share Capital 33.52 31.76 31.76 31.76 31.98

Equity Share Capital 33.52 31.76 31.76 31.76 31.98

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 1,590.60 1,190.23 1,046.90 978.07 981.05

Revaluation Reserves 0.00 10.56 11.50 12.86 14.10

Networth 1,624.12 1,232.55 1,090.16 1,022.69 1,027.13

Secured Loans 70.26 17.49 83.23 204.19 232.82

Unsecured Loans 797.36 489.23 470.99 343.42 368.14

Total Debt 867.62 506.72 554.22 547.61 600.96

Total Liabilities 2,491.74 1,739.27 1,644.38 1,570.30 1,628.09


Mar '13 Mar '12 Mar '11 Mar '10 Mar '09



12 mths 12 mths 12 mths 12 mths 12 mths


Application Of Funds

Gross Block 713.17 718.09 677.51 615.13 578.55

Less: Accum. Depreciation 391.79 386.59 363.34 338.82 314.68

Net Block 321.38 331.50 314.17 276.31 263.87

Capital Work in Progress 489.02 164.34 5.45 21.98 24.84

Investments 1,339.25 1,353.81 1,233.75 1,147.62 1,148.08

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Inventories 138.25 199.83 185.09 134.77 93.56

Sundry Debtors 139.62 133.28 127.75 110.87 161.00

Cash and Bank Balance 446.54 15.82 44.11 14.75 2.42

Total Current Assets 724.41 348.93 356.95 260.39 256.98

Loans and Advances 326.22 371.64 203.94 186.40 167.60

Fixed Deposits 0.00 57.69 0.00 0.34 26.10

Total CA, Loans & Advances 1,050.63 778.26 560.89 447.13 450.68

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 624.05 813.15 394.94 253.39 185.28

Provisions 84.49 75.49 74.94 69.34 77.95

Total CL & Provisions 708.54 888.64 469.88 322.73 263.23

Net Current Assets 342.09 -110.38 91.01 124.40 187.45

Miscellaneous Expenses 0.00 0.00 0.00 0.00 3.86

Total Assets 2,491.74 1,739.27 1,644.38 1,570.31 1,628.10


Contingent Liabilities 214.16 197.62 80.98 64.40 106.28

Book Value (Rs) 48.46 38.47 33.96 31.79 31.68









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Consolidated Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar '13 Mar '12 Mar '11 Mar '10 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths


Income

Sales Turnover 6,964.32 5,688.22 4,415.81 3,458.02 3,295.18

Excise Duty 0.00 76.13 69.84 43.85 77.28

Net Sales 6,964.32 5,612.09 4,345.97 3,414.17 3,217.90

Other Income 218.23 191.77 215.63 367.05 394.60

Stock Adjustments 8.76 36.53 28.08 16.71 -40.56

Total Income 7,191.31 5,840.39 4,589.68 3,797.93 3,571.94

Expenditure

Raw Materials 4,963.26 3,996.37 2,962.82 2,400.46 2,238.34

Power & Fuel Cost 141.74 130.53 102.65 85.23 87.57

Employee Cost 269.75 263.14 202.52 179.49 144.59

Other Manufacturing Expenses 640.76 494.94 391.36 262.70 180.36

Selling and Admin Expenses 0.00 0.00 406.68 287.79 508.52

Miscellaneous Expenses 580.19 498.07 84.59 176.44 72.15

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

Total Expenses 6,595.70 5,383.05 4,150.62 3,392.11 3,231.53

Mar '13 Mar '12 Mar '11 Mar '10 Mar '09


12 mths 12 mths 12 mths 12 mths 12 mths


Operating Profit 377.38 265.57 223.43 38.77 -54.19

PBDIT 595.61 457.34 439.06 405.82 340.41

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Interest 110.34 110.83 81.00 142.68 141.09

PBDT 485.27 346.51 358.06 263.14 199.32

Depreciation 59.45 56.35 55.06 50.17 47.03

Other Written Off 0.00 0.00 0.00 0.00 0.00

Profit Before Tax 425.82 290.16 303.00 212.97 152.29

Extra-ordinary items 0.00 0.43 1.19 -17.76 -2.51

PBT (Post Extra-ord Items) 425.82 290.59 304.19 195.21 149.78

Tax 134.21 95.33 74.33 44.77 51.71

Reported Net Profit 291.61 195.26 249.57 168.21 98.07

Minority Interest 76.24 60.25 67.40 45.99 22.82

Share Of P/L Of Associates -175.81 -156.60 -111.22 -81.03 -36.22

Net P/L After Minority Interest & Share
Of Associates
225.77 197.35 292.20 203.25 92.76

Total Value Addition 1,632.44 1,386.68 1,187.80 991.65 993.19

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 58.69 55.64 55.58 47.64 39.97

Corporate Dividend Tax 19.38 18.28 16.60 13.28 11.35

Per share data (annualised)

Shares in issue (lakhs) 3,351.66 3,176.25 3,176.25 3,176.25 3,197.59

Earning Per Share (Rs) 8.70 6.15 7.86 5.30 3.07

Equity Dividend (%) 0.00 0.00 0.00 0.00 0.00

Book Value (Rs) 92.65 74.52 60.42 55.18 43.59




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Financial Ratio
Godrej Industries Previous Years

------------------- in Rs. Cr. -------------------



Mar
'13
Mar '12 Mar '11 Mar '10 Mar '09


Investment Valuation Ratios

Face Value 1.00 1.00 1.00 1.00 1.00

Dividend Per Share -- -- -- -- --

Operating Profit Per Share (Rs) 11.26 8.36 7.03 1.22 -1.69

Net Operating Profit Per Share (Rs) 207.79 176.69 136.83 107.49 100.64

Free Reserves Per Share (Rs) -- -- 58.31 53.08 41.38

Bonus in Equity Capital 28.55 30.13 30.13 30.13 29.93

Profitability Ratios

Operating Profit Margin(%) 5.41 4.73 5.14 1.13 -1.68

Profit Before Interest And Tax
Margin(%)
4.53 3.66 3.82 -0.32 -2.92

Gross Profit Margin(%) 4.56 3.72 3.87 -0.33 -3.14

Cash Profit Margin(%) 2.64 2.75 2.74 -0.79 -0.05

Adjusted Cash Margin(%) 2.62 2.75 2.74 -0.79 -0.05

Net Profit Margin(%) 5.57 5.10 6.67 5.75 3.21

Adjusted Net Profit Margin(%) 5.57 5.10 6.67 5.75 3.21

Return On Capital Employed(%) 6.33 6.33 6.12 3.37 4.97

Return On Net Worth(%) 12.59 12.31 15.28 11.59 7.99

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Adjusted Return on Net Worth(%) 4.01 4.26 3.42 -4.46 -3.51

Return on Assets Excluding Revaluations 92.65 74.52 60.42 55.18 43.59

Return on Assets Including Revaluations 92.65 74.52 60.78 55.59 44.03

Return on Long Term Funds(%) 9.18 8.64 7.28 3.44 6.68

Liquidity And Solvency Ratios

Current Ratio 1.09 1.27 1.48 2.68 1.37

Quick Ratio 0.91 0.90 1.62 1.67 1.66

Debt Equity Ratio 0.89 1.05 0.88 0.85 1.07

Long Term Debt Equity Ratio 0.30 0.50 0.58 0.51 0.54

Debt Coverage Ratios

Interest Cover 3.36 2.77 3.67 0.85 1.12

Total Debt to Owners Fund 0.87 1.05 0.88 0.85 1.07

Financial Charges Coverage Ratio 3.90 3.28 3.41 1.12 1.35

Financial Charges Coverage Ratio Post
Tax
5.08 4.14 5.30 2.78 2.12

Management Efficiency Ratios

Inventory Turnover Ratio 1.87 1.78 3.29 3.50 4.82

Debtors Turnover Ratio 15.27 11.52 9.02 5.37 4.29

Investments Turnover Ratio 1.90 1.78 3.29 3.50 4.82

Fixed Assets Turnover Ratio 5.59 5.01 4.90 4.42 4.55

Total Assets Turnover Ratio 1.13 1.16 1.29 1.17 1.38

Asset Turnover Ratio 1.15 1.20 4.90 4.42 4.55



Average Raw Material Holding -- -- 31.00 21.68 17.34

Average Finished Goods Held -- -- 7.54 6.12 5.83

Number of Days In Working Capital 178.50 186.56 172.38 165.56 154.57

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Profit & Loss Account Ratios

Material Cost Composition 71.26 71.21 68.17 70.30 69.55

Imported Composition of Raw Materials
Consumed
-- -- -- -- --

Selling Distribution Cost Composition -- -- 3.34 3.73 4.01

Expenses as Composition of Total Sales -- -- -- -- --

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 19.95 25.34 24.60 29.97 46.04

Dividend Payout Ratio Cash Profit 17.32 21.24 20.71 24.04 32.37

Earning Retention Ratio 37.34 26.82 -9.86 177.78 204.65

Cash Earning Retention Ratio 57.58 53.03 40.23 72.11 58.86

AdjustedCash Flow Times 14.71 15.75 13.98 6.78 12.62